The theme of this month's publication, Invasive Solar, is that during the economy's slow growth phase, when demand for fossil fuels remains well below trend, renewables and in particular solar are solutions that have come in to exploit a number of legacy shortcomings in the global energy system. In particular, along with natural gas, renewables and solar are becoming disruptive. How so? Well, in the case of solar, it's growth rate is soaring at a time of broad economic stagnation in the OECD. Even at a time when demand for electricity is flat, to falling. That is quite unusual:

The TerraJoule.us database of solar growth indicates that global capacity this year will have moved from 100 GW to 142 GW. Next year, with China, Japan, and the US leading the way, the world will move to at least 175 GW of capacity. However, we think that the world could add as much as 52 GW of solar next year, with surprising contributions coming from the aggregated growth of smaller markets such as Malaysia, South Korea, and India. By the end of 2014 therefore, the world could see 190 GW of capacity. As a result of conversations this year with solar research analysts based in San Francisco, Boston, and London, we should see several years between 2015 and 2020 when the big three leaders of China, Japan, and the US, will be supported by new growth in many of these smaller markets. Finally, there will also be a return to higher growth rates in Europe.

The December issue also discusses the performance of the Model Portfolio, which is up +4.42% to date. There are also changes to the model portfolio, effective at the close of trading Monday December 2, 2013.

As of November 30, 2013 the TerraJoule.us Model Portfolio is little changed from last month, and is up +4.42% since inception. By comparison, in the same time period, the SP500 is up +15.6% and the ETF which follows Oil and Gas supermajors, IXC, is up 8.32%. As a reminder, the TerraJoule.us model portfolio is a lower-risk vehicle, which has its eye on playing the great transition from liquid fossil fuels to the powergrid. This is both a disruptive and a growth constrained landscape, in which the model portfolio intends to thrive—but importantly—must survive to take part in the global growth phase coming in the second half of this decade.

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